Vasco put a huge offer on the table, but A-CAP say no – what happens next? | OneFootball

The attempt by Vasco da Gama to regain control of its SAF shares or facilitate the transition to a new investor has encountered a significant financial obstacle. According to an exclusive report by the channel NT Vascaínos, the insurer A-CAP rejected an official proposal of around R$ 150 million presented by the club. This refusal dampens hopes for a quick resolution and highlights the differences in valuation between the involved parties.

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A-CAP's Argument

The American company's justification for rejecting the offer is based on a direct comparison with the recent past. A-CAP claims that Vasco's valuation today is “much higher” than what was determined between 2022 and 2023.

During that period, through 777 Partners, around R$ 310 million was invested to acquire 70% of SAF's shares. In the Americans' view, accepting R$ 150 million now would mean taking a huge accounting loss, selling the asset for less than half of the capital originally injected.

“A Different Reality” at Vasco

The core of A-CAP's defense is, ironically, a compliment to the current management and the club's current situation. According to the insurer, the shares have appreciated considerably because the Gigante da Colina is experiencing “a different sporting and financial reality” compared to previous years.

With the team competing at a high level (finalist in the Copa do Brasil and participating in international competitions) and more organized finances, the company believes the sale price should reflect this new status. Given this scenario, negotiations continue behind the scenes, but the atmosphere is one of uncertainty: there is no set deadline for an agreement to be reached, indicating that the financial tug-of-war is likely to continue.

It is worth noting that, despite A-CAP's firm stance, there is an ongoing arbitration at the Fundação Getulio Vargas (FGV) that could drastically change this scenario.

If the process regarding the Vasco SAF shares continues to the end and severe contractual non-compliance by the former 777 Partners (the origin of the shares) is proven, the insurer runs the serious risk of “ending up with nothing” or having to return the shares for a symbolic amount, losing all the bargaining power it is currently trying to exert. Therefore, refusing the R$ 150 million could be a risky bet for the Americans in light of a possible imminent legal defeat.

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This article was translated into English by Artificial Intelligence. You can read the original version in 🇧🇷 here.